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The Subprime Solution: How Today'S Global Financial Crisis Happened, And What To Do About It,New
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An Essential Account Of The Historic Subprime Mortgage Crisis, From The Nobel Prizewinning Economist And Bestselling Author Of Irrational Exuberancethe Subprime Mortgage Crisis Has Already Wreaked Havoc On The Lives Of Millions Of People And Now It Threatens To Derail The U.S. Economy And Economies Around The World. In This Trenchant Book, Bestselling Economist Robert Shiller Reveals The Origins Of This Crisis And Puts Forward Bold Measures To Solve It. He Calls For An Aggressive Responsea Restructuring Of The Institutional Foundations Of The Financial System That Will Not Only Allow People Once Again To Buy And Sell Homes With Confidence, But Will Create The Conditions For Greater Prosperity In America And Throughout The Deeply Interconnected World Economy.Shiller Blames The Subprime Crisis On The Irrational Exuberance That Drove The Economy'S Two Most Recent Bubblesin Stocks In The 1990S And In Housing Between 2000 And 2007. He Shows How These Bubbles Led To The Dangerous Overextension Of Credit Now Resulting In Foreclosures, Bankruptcies, And Writeoffs, As Well As A Global Credit Crunch. To Restore Confidence In The Markets, Shiller Argues, Bailouts Are Needed In The Short Run. But He Insists That These Bailouts Must Be Targeted At Lowincome Victims Of Subprime Deals. In The Longer Term, The Subprime Solution Will Require Leaders To Revamp The Financial Framework By Deploying An Ambitious Package Of Initiatives To Inhibit The Formation Of Bubbles And Limit Risks, Including Better Financial Information; Simplified Legal Contracts And Regulations; Expanded Markets For Managing Risks; Home Equity Insurance Policies; Incomelinked Home Loans; And New Measures To Protect Consumers Against Hidden Inflationary Effects.This Powerful Book Is Essential Reading For Anyone Who Wants To Understand How We Got Into The Subprime Messand How We Can Get Out.
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